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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The components of income before income tax for the years ended December 31, 2020, 2019 and 2018 were as follows:
(in millions) | 2020 |  | 2019 |  | 2018
Domestic operations | $ | 1.7 |  |  | $ | 32.0 |  |  | $ | 37.0 |
Foreign operations | 76.9 |  |  | 131.5 |  |  | 120.9 |
Total | $ | 78.6 |  |  | $ | 163.5 |  |  | $ | 157.9 |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of income taxes computed at the U.S. federal statutory income tax rate of 21 percent to our effective income tax rate for the years ended December 31, 2020, 2019 and 2018 was as follows:
(in millions) | 2020 |  | 2019 |  | 2018
Income tax at U.S. statutory rate; 21% | $ | 16.5 |  |  | $ | 34.3 |  |  | $ | 33.2 |
Effect of the U.S. Tax Act | — |  |  | — |  |  | 3.1 |
Impact on final GILTI regulations for 2018 and 2019 | (2.7) |  |  | — |  |  | — |
Statutory tax rate changes | (2.0) |  |  | — |  |  | 3.9 |
State, local and other tax, net of federal benefit | 0.1 |  |  | 5.8 |  |  | 2.2 |
Impact from foreign inclusions | 1.3 |  |  | 3.1 |  |  | 3.7 |
U.S. effect of foreign dividends and withholding taxes | 1.0 |  |  | 2.1 |  |  | 2.2 |
Foreign income taxed at a higher effective rate | 1.4 |  |  | 4.2 |  |  | 0.9 |
Net Brazilian Tax Assessments impact | 1.5 |  |  | 6.5 |  |  | (4.4) |
Increase in valuation allowance | 2.2 |  |  | 0.4 |  |  | 5.2 |
Excess expense (benefit) from stock-based compensation | 0.9 |  |  | 0.2 |  |  | (2.5) |
Other | (3.6) |  |  | 0.1 |  |  | 3.7 |
Income taxes as reported | $ | 16.6 |  |  | $ | 56.7 |  |  | $ | 51.2 |
Effective tax rate | 21.1 | % |  | 34.7 | % |  | 32.4 | %
Schedule of Components of Income Tax Expense (Benefit) | The components of the income tax expense for the years ended December 31, 2020, 2019 and 2018 were as follows:
(in millions) | 2020 |  | 2019 |  | 2018
Current expense |  |  |  |  |
Federal and other | $ | (0.1) |  |  | $ | 5.8 |  |  | $ | 2.7 |
Foreign | 24.3 |  |  | 42.2 |  |  | 25.8 |
Total current income tax expense | 24.2 |  |  | 48.0 |  |  | 28.5 |
Deferred expense |  |  |  |  |
Federal and other | (2.0) |  |  | 8.4 |  |  | 11.1 |
Foreign | (5.6) |  |  | 0.3 |  |  | 11.6 |
Total deferred income tax expense | (7.6) |  |  | 8.7 |  |  | 22.7 |
Total income tax expense | $ | 16.6 |  |  | $ | 56.7 |  |  | $ | 51.2 |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets (liabilities) as of December 31, 2020 and 2019 were as follows:
(in millions) | 2020 |  | 2019
Deferred tax assets |  |  |
Compensation and benefits | $ | 13.3 |  |  | $ | 15.4 |
Pension | 60.1 |  |  | 52.7 |
Inventory | 10.2 |  |  | 10.0 |
Other reserves | 18.1 |  |  | 15.9 |
Accounts receivable | 7.5 |  |  | 5.8 |
Foreign tax credit carryforwards | 23.3 |  |  | 25.2 |
Net operating loss carryforwards | 103.1 |  |  | 90.9 |
Interest expense carryforwards | 9.3 |  |  | 6.2 |
Other | 5.7 |  |  | 4.4 |
Gross deferred income tax assets | 250.6 |  |  | 226.5 |
Valuation allowance | (55.4) |  |  | (51.6) |
Net deferred tax assets | 195.2 |  |  | 174.9 |
Deferred tax liabilities |  |  |
Depreciation | (19.0) |  |  | (18.0) |
Unremitted non-U.S. earnings accrual | (4.6) |  |  | (2.0) |
Identifiable intangibles | (199.9) |  |  | (209.1) |
Other | (5.8) |  |  | (4.3) |
Gross deferred tax liabilities | (229.3) |  |  | (233.4) |
Net deferred tax liabilities | $ | (34.1) |  |  | $ | (58.5) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018 was as follows:
(in millions) | 2020 |  | 2019 |  | 2018
Balance at beginning of year | $ | 50.5 |  |  | $ | 43.7 |  |  | $ | 47.2 |
Additions for tax positions of prior years | 2.9 |  |  | 8.4 |  |  | 3.1 |
Additions for tax positions of current year | — |  |  | 1.5 |  |  | 1.5 |
Reductions for tax positions of prior years | (1.1) |  |  | (2.5) |  |  | (8.2) |
Acquisitions | 1.4 |  |  | — |  |  | 5.3 |
Decrease resulting from foreign currency translation | (8.6) |  |  | (0.6) |  |  | (5.2) |
Balance at end of year | $ | 45.1 |  |  | $ | 50.5 |  |  | $ | 43.7 |

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